Devoting more of a country's resources for producing consumer goods means
a. economy is using it resources for future production.
b. fewer resources to producing investment goods.
c. country will grow more rapidly in the future.
d. productivity of the invested capital is extremely high.
b
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That each individual should engage in economic activities in which he or she is relatively more efficient is an application of the concept of
A) competition. B) absolute advantage. C) scarcity. D) comparative advantage.
The most severe depression in the United States was the 30 percent decrease in real GDP that occurred between
A. 1899 and 1913. B. 1929 and 1933. C. 1959 and 1963. D. 1979 and 1983.
In the above figure, if the price is equal to $40, there is
A. a shortage of 100 units. B. an excess quantity supplied of 100 units. C. an excess quantity demanded of 50 units. D. a surplus of 50 units.
As long as MC > $0, TC will rise as a firm expands output.
a. true b. false